■杜雨萌 其次，市场需求的爆发构成产业飞速增长的核心驱动力。国家能源局数据显示，截至2025年底，我国太 阳能、风电装机累计容量达18.4亿千瓦，占全国累计发电装机容量的比例达47.3%。与此同时，新能源 发电"间歇性、波动性"特征带来的电网消纳压力也日益凸显。在此背景下，新型储能的市场需求被快速 激活，通过储能系统的充放电调节，可有效平抑新能源发电波动，提升其稳定性与可预测性，大幅提高 新能源并网消纳能力。同时，新型储能能够优化电力系统调度，提升电力系统的灵活性与可靠性，缓 解"源快网慢"矛盾，保障电力系统安全稳定运行。 最后，技术迭代与成本下降为产业规模化发展扫清障碍。从技术路线来看，当前我国新型储能已形成锂 离子电池储能引领，压缩空气储能、液流电池储能及飞轮储能等多元技术路线协同发展的格局。同时， 得益于核心设备国产化率的持续提升，储能系统价格合理回落，让大规模商业化应用成为可能。据初步 统计，2025年全国新型储能等效利用小时数达1195小时，较2024年提升近300小时。新型储能的灵活调 节能力日益凸显，在促进新能源开发消纳、提升电力系统安全稳定运行水平和电力保供能力等方面的作 用逐步增强。 过去五 ...

Core Viewpoint - Weiyuan Energy Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange after previously seeking opportunities on the A-share Growth Enterprise Market [1][2]. Group 1: Company Overview - Weiyuan Energy is a digital energy solutions provider focused on the Chinese market while expanding globally, specializing in smart distribution networks, data centers, and new energy storage [2]. - The company offers a range of products and solutions, including smart switchgear, efficient transformers, power distribution modules, and high-voltage direct current (HVDC) systems, aimed at ensuring reliable and efficient power distribution [2]. - Weiyuan Energy's revenue for the first three quarters of 2023, 2024, and 2025 was 2.485 billion, 2.903 billion, and 1.967 billion yuan, respectively, with net profits of 105 million, 200 million, and 181 million yuan [2]. Group 2: Business Segments and Growth - The company's revenue growth is primarily driven by its smart distribution network and data center segments [3]. - The funds raised from the listing will be used to establish a new production and operation center in East China, upgrade the headquarters' production base digitally, enhance R&D and product iteration capabilities, and expand marketing and after-sales service infrastructure [3]. Group 3: Market Position and Competition - The industry in which Weiyuan Energy operates is highly competitive, with significant revenue concentration from five major clients, accounting for 47.7%, 41.2%, and 47.5% of total revenue in 2023, 2024, and 2025, respectively [4]. - The company sources its main raw materials domestically, including bulk materials like copper, structural materials like sheet metal, and functional materials such as electrical components [4]. - The procurement amounts from five major suppliers represented 21.5%, 15.7%, and 15.2% of total procurement in 2023, 2024, and 2025, respectively [4].

2026 年 02 月 01 日 行业研究●证券研究报告 电力设备及新能源 行业快报 容量电价机制升级，新型储能迎发展良机 事件点评 投资评级 领先大市(维持) 首选股票 评级 一年行业表现 | 资料来源：聚源 | | | | | --- | --- | --- | --- | | 升幅% | 1M | 3M | 12M | | 相对收益 | 1.68 | -0.55 | 25.5 | | 绝对收益 | 3.33 | 0.86 | 48.8 | 分析师 贺朝晖 SAC 执业证书编号：S0910525030003 hezhaohui@huajinsc.cn 分析师 周涛 SAC 执业证书编号：S0910523050001 zhoutao@huajinsc.cn 相关报告 电力设备及新能源：AIDC 供电三重挑战下， SST 率军突围-华金证券-电新-行业深度报告 2026.1.19 电力设备及新能源：商业航天崛起，关注轻量 化高效太空光伏技术-华金证券-电新-行业快报 2026.1.7 涪陵电力：电网运营+配电网节能业务双轮驱动 -华金证券-电新-涪陵电力-公司快报 2026.1.3 隆华科技：25Q3 业绩稳 ...

Group 1: Report Summary - The report analyzes the impact of Document No. 114 on the energy storage and lithium carbonate sectors [1] - On January 30, 2026, the National Development and Reform Commission and the National Energy Administration jointly issued the "Notice on Improving the Capacity Tariff Mechanism on the Power Generation Side", aiming to support energy transformation [3][8] - The notice and the 15th Five - Year Plan form policy synergy, and the new energy storage in China has entered a new stage of large - scale development [3] - In the next 5 years, new energy storage will steadily reach 642GW, doubling the 15th Five - Year Plan target, with an average annual growth rate of 4.2%, and will drive the demand for lithium carbonate to increase by nearly 1 million tons [3] Group 2: Hedging Strategy - In the short term, it will continue to support the upward trend of lithium carbonate prices [4] Group 3: Core Content of the Notice - The notice constructs a "classified improvement + unified compensation + supporting optimization" system, filling the gap in the capacity tariff for independent new energy storage on the power grid side [9] - The classified capacity tariff mechanism is established, and a unified compensation mechanism for reliable capacity is set up after the continuous operation of the spot market, covering coal - fired power, gas - fired power, and eligible independent new energy storage on the power grid side [9] - Supporting measures include adjusting the lower limit of the medium - and long - term transaction price of coal - fired power, standardizing the settlement of energy storage charging and discharging electricity fees, and optimizing the cost sharing of regional pumped - storage [9] Group 4: Core Policies for Different Power Sources - For coal - fired and gas - fired power, the proportion of fixed cost recovery by coal - fired power capacity tariff is ≥50%, and gas - fired power can establish a capacity tariff [10] - For pumped - storage, existing projects maintain government pricing, and new projects adopt a "unified capacity tariff + market revenue sharing" model [10] - For independent new energy storage on the power grid side, capacity tariff can be given, calculated according to the coal - fired power capacity tariff standard combined with peak - shaving capacity, and managed by a list system [10] Group 5: Core Impact on the Energy Storage Industry - Policy synergy: The capacity tariff policy in the notice activates the energy storage market, promoting new energy storage to move from a "supplementary role" to a "main support" [11] - Technical orientation: Focus on long - duration energy storage, promoting the transformation of lithium - ion batteries and the large - scale development of non - lithium long - duration energy storage and sodium - ion batteries [11] - Market expansion: The notice helps to achieve the 300GW new energy storage installation target in the 15th Five - Year Plan [11][12] - Industrial linkage: It drives the growth of demand in the energy storage industry chain and upstream raw materials, and promotes the technological iteration of non - lithium energy storage [11] Group 6: New Energy Storage Installation Forecast - From 2026 - 2030, the cumulative new installation of new energy storage will reach nearly 500GW, and the cumulative installation will increase from 144.7GW to over 640GW [12] - From 2026 - 2029, it is a steady promotion period with a gradually slowing growth rate, and in 2030, new installation will decline [12][16] - Sodium - ion batteries and other technologies will penetrate at a moderate pace, and long - duration energy storage will become the mainstream in 2030 [12][16] Group 7: Lithium Carbonate Demand Calculation - Core assumptions include the proportion of different technical routes, consumption standards, and conversion standards [14] - From 2026 - 2030, the cumulative new installation of new energy storage will be close to 500GW, with an average annual growth rate of about 4.2%, and will drive the demand for lithium carbonate to change [14][15][16] - The demand for lithium carbonate will increase from 12.30 million tons in 2025 to 23.43 million tons in 2029, and then drop to 12.66 million tons in 2030 [15]

Core Viewpoint - The new energy storage industry in China has experienced significant growth, with a total installed capacity of 66.43 GW and energy capacity of 189.48 GWh added in 2025, representing year-on-year increases of 52% and 73% respectively. The industry is expected to continue evolving towards longer-duration energy storage solutions and deeper integration with renewable energy sources [3][41][95]. Group 1: Industry Development Overview - In 2025, the cumulative installed capacity of new energy storage in China reached 213.3 GW, a year-on-year increase of 54% [13]. - The average storage duration for new energy storage systems has gradually increased from 2.11 hours in 2021 to 2.58 hours in 2025, with projections indicating it could reach 3.47 hours by 2030 [95]. - The top ten provinces in China accounted for nearly 90% of the total installed capacity, with Inner Mongolia leading in both energy and power capacity, surpassing California to become the world's top province [3][48]. Group 2: Market Trends and Projections - The growth rate of new energy storage installations is expected to slow down, but the large base will still generate significant absolute increments, with projections suggesting a cumulative installed capacity of over 370 million kW by 2030 [4]. - The market is transitioning from policy-driven growth to market-driven high-quality development, with expected annual compound growth rates of 20.7% to 25.5% from 2026 to 2030 [98]. - The penetration rate of new energy storage in wind and solar power generation has increased significantly, from 0.61% at the end of the 13th Five-Year Plan to 6.88% at the end of the 14th Five-Year Plan [17]. Group 3: Technological Advancements - During the 14th Five-Year Plan period, significant technological breakthroughs have been made in energy storage, including increased capacity of lithium battery cells and advancements in flow battery efficiency [9][10]. - The industry is witnessing a shift towards longer-duration storage solutions, with a notable increase in projects exceeding 4 hours of storage duration [45]. - The average available capacity of new energy storage systems has shown high reliability, with peak discharge capabilities reaching 44.53 million kW in 2025 [24]. Group 4: Project and Market Dynamics - The number of newly operational energy storage projects in 2025 was 5,014, with a total power capacity of 328.0 GW, indicating a shift towards larger-scale projects [39]. - The bidding landscape for new energy storage projects is becoming more rational, with a focus on quality over quantity, as the number of projects remains stable or slightly declines [53]. - The market is diversifying, with energy storage systems now participating in various market categories, including long-term, spot, and ancillary services [21].

Group 1 - The core viewpoint of the articles indicates that national energy investment in China is expected to maintain rapid growth in 2025, with key project investments surpassing 3.5 trillion yuan for the first time, representing a year-on-year increase of nearly 11% [1] - The investment growth rate in the energy sector outpaces that of infrastructure and manufacturing by 12.9 and 10.1 percentage points, respectively [1] - Five provinces (Inner Mongolia, Xinjiang, Shandong, Guangdong, and Jiangsu) each completed energy investments exceeding 200 billion yuan last year [1] Group 2 - In 2025, investments in green energy transition new formats are accelerating, with new installed capacity for wind and solar power exceeding 430 million kilowatts and cumulative installed capacity surpassing 1.8 billion kilowatts [1] - Investment in onshore wind power is showing strong growth, with key projects seeing a year-on-year investment increase of nearly 50% [1] - The new energy storage and hydrogen energy industries are experiencing significant growth, with key project investments doubling compared to the previous year [1] Group 3 - Investment in energy security key areas is expanding effectively, with good growth in coal power and conventional hydropower investments [1] - Major hydropower projects in the southwestern region are progressing steadily, increasing physical workload [1] - Investment in the power grid is maintaining stable growth, with accelerated construction of cross-provincial and cross-regional transmission channels [1] Group 4 - Private enterprises in the energy sector are also experiencing rapid investment growth, with key project investments increasing by 12.9% year-on-year, surpassing the national energy project growth rate by approximately 2 percentage points [2] - Private investments are primarily focused on solar power generation, wind power, and coal mining, with double-digit growth in onshore wind and distributed solar photovoltaic sectors [2]

[Table_Page] 跟踪分析|电力设备 证券研究报告 [Table_Title] 电改系列 | 电改系列:容量电价星火燎原， | 2025-09-14 | | --- | --- | | 新型储能加快发展 | | | 电改系列:新能源全电量入市， | 2025-02-10 | | 电力市场化迎来重要变革 | | 识别风险，发现价值 请务必阅读末页的免责声明 1 / 4 全国性容量电价机制出台，调节性电源迎发展东风 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-01-31 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]陈昕 SAC 执证号：S0260522080008 SFC CE No. BWV823 010-59136699 gfchenxin@gf.com.cn 分析师： 陈子坤 SAC 执证号：S0260513080001 010-59136690 chenzikun@gf.com.cn 请注意，陈子坤并非香港证券及期 ...

今天《新闻联播》主要内容有：1.中共中央政治局召开会议 审议《中央政治局常委会听取和研究全国人 大常委会、国务院、全国政协、最高人民法院、最高人民检察院党组工作汇报和中央书记处工作报告的 综合情况报告》 中共中央总书记习近平主持会议； 2.【新思想引领新征程·非凡"十四五"】我国机器人 产业实现跨越式发展； 3.李强出席中英企业家委员会会议闭幕式； 4.2025年全国财政支出28.74万亿 元； 5.2025年全国规模以上文化企业营收增长7.4%； 6.长江十年禁渔中期评估情况发布； 7.截至2025 年底我国新型储能装机比"十三五"末增长超40倍； 8.天津加快科技成果转化 打造"科创天津"； 9.冰雪 运动冰雪旅游带动消费活力持续释放； 10.海警法施行五周年 中国海警维权执法开创新局面； 11.国内 联播快讯： （1）2025年职工医保个人账户共济4.64亿人次； （2）我国将完善有利于统一大市场建设 的统计制度； （3）民政部推出强化老龄和养老服务领域科技支撑等14条措施； （4）交通运输部启动 2026年服务区提质升级行动； （5）2026年春运气象保障服务今天启动； （6）2025年全国法院调解成 ...

"2025年，全国能源投资保持较快增长，年度重点项目完成投资额首次超过3.5万亿元，同比增长近 11%，增速分别高于同期基础设施、制造业12.9、10.1个百分点。其中，内蒙古、新疆、山东、广东、 江苏5个省(区)完成投资额均超过2000亿元。"1月30日，国家能源局发展规划司副司长邢翼腾在国家能 源局例行新闻发布会上说。 邢翼腾进一步指出，2025年，我国能源投资主要有以下三个特点：一是能源绿色转型新业态投资加快释 放。全国风电光伏新增装机超过4.3亿千瓦、累计装机规模突破18亿千瓦。其中，陆上风电投资增势良 好，重点项目完成投资额同比增长近50%。新型储能、氢能产业持续迸发增长新活力，全年重点项目完 成投资额较上一年实现翻番。 从单站规模来看，10万千瓦以上的大型化发展趋势明显。截至2025年底，10万千瓦及以上项目装机占比 达72%，较2024年底提高约10个百分点；4小时及以上新型储能电站项目逐步增加，装机占比达27.6%， 较2024年底提高约12个百分点。与此同时，新型储能调用水平进一步提升。据初步统计，2025年全国新 型储能等效利用小时数达1195小时，较2024年提升近300小时。 边广琦表 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Insights - As of January 30, 2026, the installed capacity of new energy storage in China reached 136 million kilowatts, marking an 84% increase compared to the end of 2024 and over 40 times growth compared to the end of the 13th Five-Year Plan [2][40] - The report highlights significant growth in the photovoltaic and wind power sectors, with new installations expected to reach 315.1 GW and 119.3 GW respectively in 2025, representing year-on-year increases of 13.7% and 50.4% [42] - The report emphasizes the increasing flexibility of new energy storage systems, which play a crucial role in enhancing the stability and safety of the power system [42] Market Review - The power equipment sector experienced a decline of 0.47% over the past two weeks, underperforming the CSI 300 index by 0.53 percentage points, ranking 19th among 31 sectors [11] - In January 2026, the power equipment sector saw a monthly increase of 4.56%, outperforming the CSI 300 index by 1.88 percentage points [11] - The wind power equipment sector rose by 1.77%, while the photovoltaic equipment sector increased by 4.24% during the same period [18] Valuation and Industry Data - As of January 29, 2026, the price-to-earnings (PE) ratio for the power equipment sector was 34.76 times, with sub-sectors such as electric motors and other power equipment showing PE ratios of 59.88 and 59.64 respectively [24] - The report provides detailed valuation metrics for various sub-sectors, indicating significant variations in their market performance [25] Company Announcements - The report notes that several companies, including Gree and Enjie, are expected to turn profitable in 2025, with projected net profits ranging from 34 million to 164 million yuan [41][44] - The report highlights the importance of technological advancements and market strategies for companies in the power equipment sector to maintain competitive advantages [43]